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Income inequality in India has reached high levels: Report

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12/14/2017 6:58:00 PM
New Delhi, Dec 14 (PTI) Income inequality in India has
reached historically high levels as the top 0.1 per cent of
earners increased their total wealth more than all of those in
the bottom 50 per cent combined, says a study.
Economic inequality is widespread in India and has been
growing substantially since 1980s, the study by the World
Inequality Lab said.
"The income inequality in India has reached historically
high levels, as the top 0.1 per cent of earners have captured
more growth than all of those in the bottom 50 per cent
combined," it said.
This rising inequality contrasts to the 30 years
following the country's independence in 1947, when income
inequality was widely reduced and the incomes of the bottom 50
per cent grew at a faster rate than the national average, it
said.
The report was coordinated by economists Facundo
Alvaredo, Lucas Chancel, Thomas Piketty, Emmanuel Saez and
Gabriel Zucman and shows unequal impacts of globalisation over
past 40 years.
The research relies on the most extensive database on the
historical evolution of income and wealth inequality. It aims
to contribute to a more informed global democratic debate on
economic inequality by bringing the most up-to-date and
comprehensive data to the public discussion.
In 2014, the report said, the share of national income
captured by India's top 1 per cent of earners was 22 per cent,
while the share of the top 10 per cent of earners was around
56 per cent.
Lucas Chancel, general coordinator of the report,
emphasised, "The fact that inequality trends vary so greatly
among countries, even when countries share similar levels of
development, highlights the important role of national
policies in shaping inequality.
"For instance, consider China and India since 1980: China
recorded much higher growth rates with significantly lower
inequality levels than India." PTI ABI
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